BusinessCompany NewsWar forces write downs for seismic data industry

War forces write downs for seismic data industry

The war in Iraq is worsening the positioning of companies supplying data to the oil industry, many of which have been forced to make large write downs on their data assets.

Link: Audit watchdog set to examine Iraq contracts

Companies have been forced into the accounting measure because of over capacity in the market for seismic data, brought on by reduced drilling activities.

Confidence in the industry has also been harmed by the Iraqi war, and especially the burning of oil wells in Iraq. Jim Wicklund, senior analyst at the Bank of America Securities, said: ‘There are more write-offs of seismic data still to come.’

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